The Nature of the Club

In this essay, I argue that the firm won't be the central institution of a post-AGI economy. If AI makes execution cheap and producers interchangeable, then the scarce input to value is demand instead of supply. Groups of people who know what they want and can commit money behind become valuable. This implies that "clubs" will form, leading to weird consequences (clubs will be quasi-religious, with heavy duty purity rituals and hazing).